Two More Georgia Banks Fail in June, Acquired By Two Other Georgia Banks
In June, the rate of bank failures decreased, with just four banks failing between June 1 and June 30, according to the FDIC.
Unfortunately, two of those failed banks were in Georgia.
The first to go was McIntosh State Bank, based in Jackson, Georgia, on June 17. Just a week later, it was acquired by Hamilton State Bank, on June 22nd.
The second to fail was Mountain Heritage Bank, based in Clayton, GA, on June 24. I was was acquired by First American Bank and Trust Company, on June 29th.
Georgia banks haven’t been doing well at all – four of them were acquired by stronger banks in May.
- First Georgia Banking Company
- Atlantic Southern Bank
- The Park Avenue Bank
- The Park Avenue Bank
Hamilton State Bancshares, a Georgia company, had just completed a private offering in February, raising $231 million, setting itself up for the acquisition. The company’s February press release foreshadowed the move.
“The Company intends to use a portion of the proceeds from the investments to … pursue available strategic growth opportunities, including, but not limited to, the acquisition of failed or distressed depository institutions in FDIC-assisted transactions.”
Related posts:
- Two More Georgia Banks Fail – More to Follow?
- Two More Georgia Banks Fail
- 3 Georgia Banks Fail
- Georgia Loses Two More Banks To Insolvency
- Renasant Bank Acquires Failed Georgia Bank
